BUYERS HESITATE ON MORTGAGES AS INTEREST RATES SPIKE

With interest rates creeping upwards last week, some home shoppers are showing signs of concern and holding off from making a purchase.

According to a report from the Mortgage Bankers Association, loan application volumes for both home purchases and refinancings fell by 0.2 percent last week, and are now 0.8 percent lower than one year ago.

The MBA said applications for both home purchases and refinance have stalled, with applications for the latter falling by 0.3 percent while applications for the former remain flat. Refinance applications, which are usually the most sensitive to interest rate changes, are now down 16 percent compared to one year before. They also account for the lowest percentage of all mortgage applications since September 2008.

The MBA said incentive to refinance was reduced after the 30-year fixed-rate mortgage rate hit an average of 4.73 percent last week, it’s highest since September 2013.

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Healthy Home Inspections is the premier home inspection company in California's Central Valley region and Bay Area. We service Stockton, Sacramento, Modesto, Lodi, Valley Springs, Fremont, Livermore and surrounding cities. We provide a service helping home buyers make an informed decision prior to purchasing their new home and you are invited and encouraged to follow along with your home inspector as they perform their inspection.